Newbie Shortsale Question

[WhoseArmy]

Gregg =

How did you conduct your auction? I'd like to learn more about that.


Also, when the BPO was performed, did you meet the agent at the house or do anything else to influence their assessment (such as bringing comps and repair lists etc.)?  Just curious...

THANKS!  (And best of luck)

[Gregg975]

Whose Army-

I don't know if I ran the auction as efficiently as I could have. I held the first  (what would turn out to be 2 auctions) auction before I knew the amount that the bank would accept, just so that I could gauge how much I could offer the bank and still profit.  This was disclosed to all bidders before they bid.

You might say that this auction was pointless as nobody would bid their true amount.  But, I did actually get a very good idea what reahabbers were willing to pay for the property and helped tremendously in coming up with my max counteroffer to the bank.  

Once, I knew how much the bank was going to accept, I held the second auction with the same buyers who bid by round robin format.  This determined my buyer.  This was the fairest way that I knew of to doing the auction.

This is where I am sitting now...Bank, suspended the foreclosure for the second time after receiving my cash counteroffer.  I am looking to close with our cash buyer in the next week or so(hopefully).  

Ill let you know how things turn out.


Gregg

[Gregg975]

I have not posted in a while on this deal because little of note has happened. 

As of today...the foreclosure was suspended once again and set for a new date of February 16th.  The shortsale negotiator contacted me and suspended the foreclosure(the day of foreclosure) and asked for proof of funds, HUD, etc on the deal the day that it was cancelled.  I sent said information to him the following day.  The foreclosure date came up again and was suspended once again.    I have not heard from him since and have not been able to contact him, even after numerous emails, and messages to see how things were going.  The customer reps that I have been working with seem to know little about what is going on with the deal.  Communication with the negotiator has been nonexistant after he contacted me to request appropriate counteroffer paperwork.

Two questions for those more experienced:

1)  This is the third time the foreclosure has been suspended, what is going on here?  Are they just really that backed up?  Is this good for me?


2) Is there anything I should be doing besides emailing and faxing requests for an acceptance letter and wiring instructions for the title company? 


Your input and advice is always appreciated.